REMEDIES UPON NONPAYMENT Sample Clauses
REMEDIES UPON NONPAYMENT. If the Client, upon demand, fails to pay the Custodian any required amount in respect of any Asset subject to this Agreement, the Custodian may, without notice to the Client (except as required by Law) and at any time appropriate, sell such Asset and/or exercise in respect of each such Asset any and all the rights and remedies of a secured party on default under applicable Law.
REMEDIES UPON NONPAYMENT. (a) In the event that Buyer (directly, or through a successor or assignee) does not make any payment owed to Seller pursuant to Section 2 hereof within three business days after it is due, then Seller's sole remedy and relief shall be the equitable right to return of that amount of Membership Interests attributable to the pro-rata portion of the Purchase Price then owed but not paid. To exercise such right, Seller shall provide written notice of nonpayment to Buyer, asserting such exercise.
(b) For purposes of example only, if Buyer fails to make a payment of $250,000 to Seller when due on June 30, 2013, then Seller shall have equitable right in the return to Seller of 250,000/6,112,500, or approximately 78.8 units from (or 4% of) the Membership Units.
(c) If the operating agreement or a similar agreement among the members of the Company does not allow such a transfer without consent of such members, then Buyer shall convey to Seller an equitable right of payment (including the applicable portion of distributions) allocable to the amount of Membership Interest at issue (the “Returned Portion”), and shall promptly pay to Seller the amount of distributions allocable to the Returned Portion as they are received by Buyer from the Company.